Nano Labs announces $500M convertible notes purchase agreement

Nano Labs (NA) announces that it has entered into a convertible notes purchase agreement under which the company has agreed to issue, and several investors have agreed to subscribe for, a convertible promissory notes in the aggregate principal amount of $500M. The Agreement marks an important step in the company’s strategic growth. As part of this initiative, Nano Labs will conduct a thorough assessment of the security and value of BNB. In the initial phase, the company plans to acquire $1B worth of BNB via convertible notes and private placements. Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply.